The global cat food and snacks market is slated to register momentous gains on the back of increasing urbanization and elevated consumer spending in both developed as well as developing nations. A shifting preference towards nuclear families among the Asia Pacific population has led to the growing trend of companion animal adoptions in the form of pets, supplementing the industry outlook.
With the rising pet humanization trend, demand for premium products like raw, natural, and organic food with various options for owners is also likely to offer new growth opportunities to the cat food and snacks market over time.
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The cat food and snacks market is expected to surpass an overall valuation of $44.89 billion by 2027, According to a new Global Market Insights report.
The supermarkets/hypermarkets segment in cat food and snacks market is responsible for bringing in the largest business to the market. Advancements in transportation and storage technology, along with the introduction of cutting-edge technologies to enhance the operation of supermarkets will supplement growth in the segment.
The developments in the global cat food and snacks market are supported by the efforts undertaken by the industry players to actively work towards introducing new products to suit the changing preferences of the pet owners. There is a growing need for organic, natural food and snack items that do not contain any synthetic flavors, which may prove to be harmful for pets.
Many products that focus on certain health benefits have showcased strong growth momentum. Premium and low-carb foods are entering the mainstream as cat owners are focusing more towards the health and longevity of their pets.
The cat food and snacks market is fragmented with some of the leading producers including WellPet LLC, Harringtons, Colgate-Palmolive, Nestle, and PetGuard, to name a few.
The premiumization of cat food has supported most innovations in taste and flavors in cat food recipes. With rising health awareness among pet owners, the trend towards healthy food purchases for cats has proven to be a lucrative growth opportunity for pet food producers. The most integral factor in cat treats and mixtures is the presence of natural ingredients. This is evident from the growing sale of brands with formulas that are free from artificial flavors and colors.
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Consequently, there have been growing investments in packaging and product development from industry participants, positively influencing business growth.
Today, companies throughout developed and developing countries can promote their new product lines at hypermarkets and supermarkets owing to the changing consumer tastes.
Asia Pacific has led the cat food and snacks market over the years due to the growing humanization of pets in the region. Marketers are growingly commercializing on this aspect in their vast array of products and services. Improving purchasing power of the regional consumer population, momentous urbanization, and evolving lifestyles are the prominent determinants that have augmenting the demand for cat food in the region. Across the Asia Pacific, owning pets, particularly cats, has become a major trend among nuclear families and the elderly population.
Back in 2020, the food segment was one of the largest avenues responsible for industry growth, holding nearly 91.7% share of the global cat food and snacks market. However, pet owners are increasingly becoming inclined towards rewarding their pets by giving them treats and mixers apart from their regular meals, which is giving the pet treats and snacks segment a notable revenue boost.
There has been a rapid rise in the number of pet owners across the globe, that includes developed nations with aging populations, and clients looking to adopt pets. Young consumers who are single or without a child look at pets as a good alternative. In developing nations, the favorable economic situations is making it easy for major households to have a pet.
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